Marketing To Gen Y

September 22, 2009 at 5:58 am (Uncategorized)

Marketing to gen Y is becoming an issue as generation Y is becoming the growing consumer. The question that many corporations are puzzled by is how to reach Gen Y. Marketing products is hard enough but now companies need to reach a more technologically advanced consumer. Let’s first start off by discussing who Gen Y is. It’s the generation born roughly between 1980 and 2000; Gen Y-ers are the 70 million-plus offspring of Boomer parents, or about a quarter of all Americans. There are many sources which nurture this booming generation, such as MTV, Teen People Magazine, and much more. Companies are searching for the insight of how to market for these updated, advanced consumers. According to David Cooper, senior manager in consumer product practices at Boston-based Bain & Co. consulting, Gen Y can be reached through three different strategies, one is to make the products “cool” for not only the kids but for the parents as well. Second is to make giveaways, promotions and contests, because kids in the new generation always love getting free products and events. This being a huge part of the marketing strategy makes places like malls, concerts and all teen “hang out places” a great place to advertise products. Third is that Cooper explains that it’s critical to be “hip” to become successful in reaching Gen Y.
Gen Y has become so technologically advanced which is a good and bad thing. The good that comes out of this is that being able to advertise a company’s product is practically simple by either making commercials or online advertisements. The bad thing is that thanks to Web 2.0 our society has become more socially connected and who else knows how to use this new peer to peer technology than Gen Y. Through this consumers can connect to one another about products and advertisements before even trying them. The best thing a company can do after this is to just be honest with the consumer so they don’t get a bad name and can keep their consumers loyal. The best way for a company to stay up to date with gen Y is to get things in their perspectives. More and more people are getting hired right out of college as opposed to an older person who graduated ten years before them. The older people are getting the less they seem to know about how to market products. That is why companies like Lucky Brand Jeans and Pacific Sunwear always seem like favored clothing companies to the upcoming generations. Before this class I didn’t know what Gen Y was and their importance. The truth is that Gen Y is changing our economy as we see it. Companies are beginning to adapt to different marketing strategies to accommodate the new generation. Keeping up with “fads” is becoming one of the hardest things to do due to the constant changing in Gen Y’s tastes. Marketing to Gen Y is a very important subject and is a “need to know “for any business man or advertiser.